Rocky Mountain Dealerships Inc. net income for the second quarter ending June 30 fell to $3.1 million from $3.8 million in the same period last year.
“The unseasonably wet weather in the second quarter adversely affected the operations of many of our construction and agriculture customers and consequently resulted in lower revenues in Q2 2010 from the same period in 2009,” Matt Campbell, chair and chief executive officer, said in a news release.
“However, the strength of our management and employees continued as evidenced in the improvement in gross profit margins from the same period in the prior year. The recent improvement in grain prices coupled with very high potential yields in much of our market area gives us optimism for a favourable second half.”
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Sales were $146 million and the cost of sales was $123 million, leading to gross profit of almost $23 mil-ion in the quarter.
Last year in the same three months, sales were $155 million, cost of sales was $133 million and gross profit was 21.8 million.
Company expenses were $18.7 million compared to $15.9 million last year.
Earnings before interest, taxes, depreciation and amortization in the quarter were $5.8 million compared to $7.2 million for the same period of 2009.
Rocky Mountain has 29 dealerships in Western Canada featuring Case and New Holland agricultural and industrial equipment.
